When to Reconcile?
Reconciliation services are done every month when bank statement arrives in mail. It helps in reviewing income & expenses and comparing what bank has recorded with what you have recorded. It is important to prepare bank reconciliation statement every month so that it does not become a cumbersome process at the end of the year while closing the books. Hence, we provide bank reconciliation outsourcing services to organizations that do not have relevant knowledge and consider it a tedious task.
How to Reconcile?
When a bank statement arrives, we compare transactions in the bank account to the check register of the same period. Both, the statement and the register should have same number of transactions. The purpose of preparing bank reconciliation statement is to match each line in the statement with the register.
- Catch Fraud- Bank reconciliation services help to check accuracy of cheques presented and whether the transfers or withdrawals made are authorized or not.
- Prevent Problems- It also helps in early detection of problems that might lead to bigger problems in future if not paid attention at the right time like availability of sufficient funds, correct evaluation of accounts receivables or payables, bank errors, etc.